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Side-by-side financial comparison of IBEX Ltd (IBEX) and MP Materials Corp. (MP). Click either name above to swap in a different company.
IBEX Ltd is the larger business by last-quarter revenue ($164.2M vs $90.6M, roughly 1.8× MP Materials Corp.). IBEX Ltd runs the higher net margin — 7.4% vs -8.8%, a 16.2% gap on every dollar of revenue. On growth, MP Materials Corp. posted the faster year-over-year revenue change (49.1% vs 16.7%). Over the past eight quarters, MP Materials Corp.'s revenue compounded faster (70.3% CAGR vs 13.8%).
The IBEX 35 is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets. It is a market capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on options and futures con...
MP Materials Corp. is a U.S.-based producer of rare earth materials. The company owns and operates the Mountain Pass mine in California, the only active rare earth mining and processing facility in the Western Hemisphere, producing essential materials for electric vehicles, wind turbines, and defense applications.
IBEX vs MP — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $164.2M | $90.6M |
| Net Profit | $12.2M | $-8.0M |
| Gross Margin | — | — |
| Operating Margin | 9.3% | — |
| Net Margin | 7.4% | -8.8% |
| Revenue YoY | 16.7% | 49.1% |
| Net Profit YoY | 31.8% | 64.8% |
| EPS (diluted) | $0.83 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $90.6M | ||
| Q4 25 | $164.2M | $52.7M | ||
| Q3 25 | $151.2M | $53.6M | ||
| Q2 25 | $147.1M | $57.4M | ||
| Q1 25 | $140.7M | $60.8M | ||
| Q4 24 | $140.7M | $61.0M | ||
| Q3 24 | $129.7M | $62.9M | ||
| Q2 24 | $124.5M | $31.3M |
| Q1 26 | — | $-8.0M | ||
| Q4 25 | $12.2M | $9.4M | ||
| Q3 25 | $12.0M | $-41.8M | ||
| Q2 25 | $9.6M | $-30.9M | ||
| Q1 25 | $10.5M | $-22.6M | ||
| Q4 24 | $9.3M | $-22.3M | ||
| Q3 24 | $7.5M | $-25.5M | ||
| Q2 24 | $9.8M | $-34.1M |
| Q1 26 | — | — | ||
| Q4 25 | 9.3% | -7.0% | ||
| Q3 25 | 9.1% | -125.2% | ||
| Q2 25 | 8.3% | -76.5% | ||
| Q1 25 | 9.5% | -57.2% | ||
| Q4 24 | 8.5% | -72.1% | ||
| Q3 24 | 7.0% | -62.8% | ||
| Q2 24 | 10.3% | -171.1% |
| Q1 26 | — | -8.8% | ||
| Q4 25 | 7.4% | 17.9% | ||
| Q3 25 | 8.0% | -78.0% | ||
| Q2 25 | 6.5% | -53.8% | ||
| Q1 25 | 7.4% | -37.2% | ||
| Q4 24 | 6.6% | -36.6% | ||
| Q3 24 | 5.8% | -40.5% | ||
| Q2 24 | 7.9% | -108.9% |
| Q1 26 | — | $-0.04 | ||
| Q4 25 | $0.83 | $0.07 | ||
| Q3 25 | $0.82 | $-0.24 | ||
| Q2 25 | $0.63 | $-0.19 | ||
| Q1 25 | $0.73 | $-0.14 | ||
| Q4 24 | $0.57 | $-0.12 | ||
| Q3 24 | $0.43 | $-0.16 | ||
| Q2 24 | $0.55 | $-0.21 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.5M | $1.7B |
| Total DebtLower is stronger | $594.0K | $1.0B |
| Stockholders' EquityBook value | $154.5M | $2.0B |
| Total Assets | $295.8M | $3.8B |
| Debt / EquityLower = less leverage | 0.00× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.7B | ||
| Q4 25 | $15.5M | $1.2B | ||
| Q3 25 | $22.7M | $1.1B | ||
| Q2 25 | $15.3M | $261.5M | ||
| Q1 25 | $13.0M | $198.3M | ||
| Q4 24 | $20.2M | $282.4M | ||
| Q3 24 | $62.3M | $284.4M | ||
| Q2 24 | $62.7M | $295.6M |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $594.0K | $998.7M | ||
| Q3 25 | $726.0K | $997.3M | ||
| Q2 25 | $796.0K | $910.8M | ||
| Q1 25 | $735.0K | $909.8M | ||
| Q4 24 | $695.0K | $908.7M | ||
| Q3 24 | $802.0K | — | ||
| Q2 24 | $867.0K | — |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $154.5M | $2.0B | ||
| Q3 25 | $143.6M | $2.0B | ||
| Q2 25 | $134.3M | $1.0B | ||
| Q1 25 | $124.2M | $1.0B | ||
| Q4 24 | $108.9M | $1.1B | ||
| Q3 24 | $171.1M | $1.1B | ||
| Q2 24 | $165.8M | $1.1B |
| Q1 26 | — | $3.8B | ||
| Q4 25 | $295.8M | $3.9B | ||
| Q3 25 | $283.9M | $3.8B | ||
| Q2 25 | $273.2M | $2.3B | ||
| Q1 25 | $274.7M | $2.4B | ||
| Q4 24 | $272.5M | $2.3B | ||
| Q3 24 | $306.3M | $2.3B | ||
| Q2 24 | $293.9M | $2.4B |
| Q1 26 | — | 0.51× | ||
| Q4 25 | 0.00× | 0.50× | ||
| Q3 25 | 0.01× | 0.51× | ||
| Q2 25 | 0.01× | 0.90× | ||
| Q1 25 | 0.01× | 0.88× | ||
| Q4 24 | 0.01× | 0.86× | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.01× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $6.6M | $-1.9M |
| Free Cash FlowOCF − Capex | $-5.1M | — |
| FCF MarginFCF / Revenue | -3.1% | — |
| Capex IntensityCapex / Revenue | 7.1% | — |
| Cash ConversionOCF / Net Profit | 0.54× | — |
| TTM Free Cash FlowTrailing 4 quarters | $29.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-1.9M | ||
| Q4 25 | $6.6M | $-46.9M | ||
| Q3 25 | $15.7M | $-42.0M | ||
| Q2 25 | $27.9M | $-3.7M | ||
| Q1 25 | $8.8M | $-63.2M | ||
| Q4 24 | $1.1M | $30.5M | ||
| Q3 24 | $7.8M | $-6.8M | ||
| Q2 24 | $17.4M | $30.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-5.1M | $-109.3M | ||
| Q3 25 | $8.0M | $-92.5M | ||
| Q2 25 | $22.8M | $-32.7M | ||
| Q1 25 | $3.6M | $-93.7M | ||
| Q4 24 | $-3.2M | $-11.2M | ||
| Q3 24 | $4.1M | $-53.3M | ||
| Q2 24 | $15.2M | $-15.6M |
| Q1 26 | — | — | ||
| Q4 25 | -3.1% | -207.4% | ||
| Q3 25 | 5.3% | -172.8% | ||
| Q2 25 | 15.5% | -56.9% | ||
| Q1 25 | 2.5% | -154.0% | ||
| Q4 24 | -2.3% | -18.3% | ||
| Q3 24 | 3.2% | -84.7% | ||
| Q2 24 | 12.2% | -50.1% |
| Q1 26 | — | — | ||
| Q4 25 | 7.1% | 118.5% | ||
| Q3 25 | 5.1% | 94.3% | ||
| Q2 25 | 3.5% | 50.5% | ||
| Q1 25 | 3.7% | 50.1% | ||
| Q4 24 | 3.1% | 68.3% | ||
| Q3 24 | 2.8% | 73.8% | ||
| Q2 24 | 1.8% | 148.7% |
| Q1 26 | — | — | ||
| Q4 25 | 0.54× | -4.97× | ||
| Q3 25 | 1.30× | — | ||
| Q2 25 | 2.91× | — | ||
| Q1 25 | 0.84× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 1.03× | — | ||
| Q2 24 | 1.77× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
MP
| Materials Segment | $72.2M | 80% |
| Magnetics Segment | $21.1M | 23% |
